Monroe Capital reported its financial results for Q3/16.
The following highlights were excerpted from the report:
- Q3/16-end net asset value of $239 million was up 27% from $188.7 million at the end of Q2/16.
- Q3/16 net investment income of $5.6 million was down from $5.8 million in Q2/16. Adjusted net investment income of $5.8 million was up from $5.7 million in Q2/16.
- In Q3/16, the company completed a secondary offering totaling $52.6 million in proceeds, net of underwriting and issuance costs.
The company had debt and equity investments in 62 portfolio companies, with a total fair value of $366.7 million as of September 30, 2016 compared to debt and equity investments in 55 portfolio companies, with total fair value of $342.8 million as of June 30, 2016.
The company’s portfolio consists primarily of first lien loans, representing 77.7% of the portfolio as of September 30, 2016 and 74.3% of the portfolio as of June 30, 2016.
CEO Theodore L. Koenig said, “We are pleased to report another quarter of strong earnings for the third quarter of 2016, with adjusted net investment income of $0.37 per share, covering our dividend of $0.35 per share. During the quarter we completed an accretive equity capital raise which generated net proceeds of approximately $53 million. We are pleased that we were able to continue to cover our dividend even when considering the timing lag associated with putting the new equity capital to work. This additional equity capital, combined with our recent approval for $75.0 million in additional SBA-guaranteed debentures, will allow us to profitably grow our portfolio and continue to create long term value for our shareholders.”